Thailand SEC Crypto Regulations for Exchanges: What You Need to Know in 2025

Thailand’s crypto market changed overnight in April 2025. If you traded on Bybit, OKX, or Binance before then, you probably noticed your app stopped working in Thailand. No warning. No grace period. Just gone. That’s because the Thailand SEC cracked down hard on unlicensed crypto exchanges - and this time, they meant it.

Why Thailand Shut Down Foreign Crypto Exchanges

In early 2025, reports of crypto scams surged. Thai investors lost millions to fake platforms promising 20% monthly returns. Some were hosted on offshore sites that didn’t even have a physical office. The SEC didn’t just want to regulate - they wanted to stop fraud before it happened. So they passed two emergency decrees that redefined what it means to serve Thai customers.

The rules aren’t just about where a company is based. They’re about what the platform does to reach Thai users. If you speak Thai, accept baht, use a .th domain, or run Google ads targeting Bangkok, you’re now legally required to get a license from the Thai SEC. No exceptions.

The Seven Rules That Determine If You’re Targeting Thailand

The SEC laid out seven clear signs that a foreign exchange is serving Thai users. If you hit even one, you need a license:

• Your website or app is partially or fully in Thai
• You use a .th or .ไทย domain
• You accept payments in Thai baht or through Thai bank/e-wallet accounts
• You say Thai law governs your terms or Thai courts handle disputes
• You pay for search ads targeting Thai users
• You have staff or offices in Thailand to support users
• You do anything else the SEC later says counts

These aren’t suggestions. They’re legal triggers. And the Ministry of Digital Economy and Society can block your site within hours - no court order needed.

What Licensed Exchanges Can and Can’t Do

As of June 2025, only nine exchanges hold licenses. Bitkub is the biggest. Others include Zipmex, Satang, and Binance Thailand. But being licensed doesn’t mean free rein. Here’s what they’re banned from doing:

• Trading meme coins like Dogecoin or Shiba Inu
• Offering fan tokens or NFTs
• Allowing privacy coins like Monero or Zcash
• Advertising crypto as payment for goods or services
• Running staking programs that promise fixed returns
• Providing wallet services or lending crypto for interest

They can only list 35 approved tokens - mostly Bitcoin and Ethereum. That’s down from over 350 on foreign platforms before the crackdown. For traders used to altcoin chaos, it feels like being forced to eat only rice and fish.

Costs and Barriers to Getting Licensed

Want to apply? Here’s what it takes:

• One-time application fee: ฿1,000,000 ($27,400)
• Annual license fee: ฿500,000 ($13,700)
• Minimum capital: ฿50 million ($1.37 million)
• Proof of AML/CFT systems meeting FATF standards
• Source code audit from an SEC-approved firm
• Real-time transaction monitoring system

The average approval process takes 90 to 120 days. Bitkub spent six months just rewriting their app to meet Thai language and compliance rules. Most foreign exchanges didn’t even try. They packed up and left.

What’s Changed for Thai Traders

The impact on users has been mixed. On one hand, scams dropped 37% in Q2 2025. More people feel safe. On the other hand, liquidity dried up. Withdrawal limits are capped at ฿500,000 per day ($13,700). Trading fees jumped from 0.1% to 0.25%. Coin selection shrank to a fraction of what it was.

Reddit and Pantip.com are full of complaints. One user wrote: “I used to trade Solana, Polygon, and 50 other coins. Now I’m stuck with Bitcoin and Ethereum. My portfolio is frozen.” Another said: “I pay more in fees just to move money out. It’s like paying a toll to play in your own market.”

But there are wins too. “I haven’t seen a single scam message since the foreign exchanges left,” said a user with 142 upvotes on Pantip. Security improved. Customer support works. Disputes get resolved.

How Thailand Compares to Other Countries

Thailand’s rules are stricter than Singapore’s. MAS lets foreign exchanges operate if they register - no full licensing needed. Japan’s system is similar to Thailand’s, but doesn’t block foreign sites instantly. China bans everything. The EU’s MiCA rules are more detailed on stablecoins and offer license portability across countries.

Thailand’s biggest edge? Speed. The government can shut down a site in hours. Their biggest weakness? Rigidity. No room for innovation. No path for DeFi or tokenized assets. And no way for tourists or expats to trade legally while visiting.

What’s Next for Thailand’s Crypto Market

The SEC isn’t done. By late 2025, they plan to update the law to cover DeFi platforms - the ones that run without a company behind them. In 2026, they’ll test connecting licensed exchanges to Thailand’s central bank digital currency (CBDC). And by 2026, they’re expected to launch ETFs for altcoins like Solana and Cardano - potentially unlocking $3 billion in new investment.

Meanwhile, the government is spending ฿2.1 billion ($57.6 million) on blockchain projects through 2027. They want to be a regional fintech hub - just not one where scammers can hide.

Is This Good or Bad for Crypto?

It’s both. Thailand’s rules protect ordinary people. They’ve stopped fraud cold. But they’ve also stifled choice. Traders who want flexibility, low fees, or access to new tokens now use VPNs. Chainalysis estimates 35% of Thai crypto activity has moved offshore.

The market is still growing - $1.2 billion in Q1 2025, up 7.2% year-over-year. But the growth is now inside the cage. Licensed exchanges are safer. But they’re also slower, pricier, and far less exciting.

If you’re a Thai resident, you trade on a licensed exchange - or you don’t trade at all. If you’re a foreign exchange, you either comply fully or get blocked. No gray area. No loopholes.

This isn’t regulation for innovation. It’s regulation for safety. And for now, Thailand chose safety every time.